ICAEW CPD Changes – What Does This Mean for Me?

From 1 November 2023 revisions to Continuing Professional Development (CPD) regulations will be introduced by the ICAEW, prompted by the increased level of scrutiny the profession has experienced in recent years.

These regulations will affect ICAEW members, or persons regulated by the ICAEW for certain activities, that undertake accountancy or finance work, or perform reserved or non-reserved legal activities. It also includes ICAEW members that act as a company director, trustee or an equivalent position.

The regulations will also introduce new obligations on ICAEW member firms and other firms that are regulated by the ICAEW.

On this page:

ICAEW CPD Categories

Which ICAEW CPD category am I?

What are verifiable CPD hours?

What are the responsibilities of my firm?

Keeping track of your CPD

How can Mercia help with your CPD?

ICAEW CPD Categories

Most individuals affected will fall into one of three CPD categories, each of which has a minimum number of CPD hours that must be fulfilled, with a proportion needing to be verifiable. Broadly those persons performing more complex or riskier work will be required to undertake more CPD.

The 3 category requirements are summarised below:

A minimum of one hour’s verifiable CPD on ethics must be completed by all persons affected, which must be aligned to the ICAEW Code of Ethics.

Whilst these changes may at first seem like a return to a past regime that was focused solely on the amount of CPD performed, there still remains a need to reflect on the role you perform and your development needs, and to ensure that these are acted upon.

Which ICAEW CPD category am I?

The ICAEW have published extensive information outlining which category each individual is likely to fall under.

If you are still unsure about whether these new requirements will apply to you and for an extensive list of other people who will fall completely, partially, or are exempt under the new rules, please see further information available through ICAEW.

There is also a handy self-assessment tool developed by ICAEW, in which you can answer a series of questions to help determine which category you fall under.

What are verifiable CPD hours?

Verifiable CPD hours will require a record of completion that is factual, can be corroborated and documented. ICAEW may wish to confirm the hours recorded for the year.

This could include live or online training courses that show a record of attendance in either soft or technical skills, or less formal hours such as participating in peer discussion forums, writing technical articles or related research.

What are the responsibilities of my firm?

Your firm will have a new responsibility to ensure ICAEW members and other relevant individuals are complying with the new CPD requirements, and to maintain the relevant records for QAD inspection as and when requested.

Most firms are likely to have CPD monitoring processes in place already and these new requirements shouldn’t result in large changes, but it does place specific responsibilities on firms.

Keeping track of your CPD

It is important to keep track of your completed and planned CPD hours, so that you can identify areas to focus on, and plan live course attendance in advance. ICAEW monitors CPD and currently requires a sample of members to submit records, which will include the new verifiable hours from November onwards.

You can keep track of your hours yourself, through your Mercia training account, or through ICAEW’s online tool which they are currently developing. ICAEW have also provided an example of an appropriate CPD record.

How can Mercia help with your CPD?

Here at Mercia we are able to help with an extensive bank of on-demand, in person and live online training courses, on technical accounting and tax topics, or professional skills.

The My Account area and attendance records allows you to keep track of hours completed, and acts as documentation for your verifiable hours.

Our News and Insights page gives you access to a range of Blogs, Podcasts and monthly Newswire, all of which contribute to continuing professional development.